In Turkey many businesses were taking out loans denominated in USD or Euros instead of local Turkish Lira. "The lira sell-off has also meant Turkey's banks are

In Turkey many businesses were taking out loans denominated in USD or Euros instead of local Turkish Lira. "The lira sell-off has also meant Turkey's banks are seeing more loans go bad as borrowers struggle to pay off euro- and dollar-denominated debt. For years, Turkish companies borrowed in hard currency, drawn by lower interest rates, but the lira crisis has made it more expensive to repay that."[1] [1] https://www.cnbc.com/2018/08/03/reuters-america-turkeys-banks-sell-project-finance-loans-as-they-look-to-free-up-cash.html https://www.cnbc.com/2018/08/03/reuters-america-turkeys-bank...